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Stock Market & Financial Investment News

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June 16, 2014
16:07 EDTWEXWEX Inc. to Acquire Evolution1 for $532.5M cash
WEX Inc. announced a definitive agreement to acquire and Evolution1, a leader in cloud-based technology and payment solutions in the healthcare industry, for $532.5M in cash. The deal will be funded through cash on hand and WEX’s existing credit facility. This transaction is expected to generate approximately $42M in present value of tax benefits to WEX and is expected to be accretive to adjusted net income in the first 12 months after close, excluding acquisition costs. The transaction, which has been unanimously approved by the boards of directors of both companies, is subject to regulatory approvals and other customary closing conditions and is expected to close in the third quarter of this year.
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